Just as we're starting to feel sympathy for consumers trying to cut the borrowing habit they go and blow it all on an extra billion-pound borrowing binge in May. (Total net lending to individuals in May was £9.8bn; over a billion more than in April):
http://www.bankofengland.co.uk/statistics/li/2005/may/lendind.pdf

The number of mortgage approvals has now recovered to sensible 90s levels. Surely there’s no point in encouraging more borrowing for speculation or entertainment by cutting rates at this stage.